Over the past year, there has been a great deal of discussion regarding some of the ‘up and coming’ neighborhoods of New York City. Over the past year, many have been talking about different neighborhoods in the area becoming the next new place to find luxury real estate. Brooklyn in particular has been seeming to come out of its shadow and become the new hot neighborhood that everyone from millionaires to celebrities is talking about. In fact so much emphasis has been placed on Brooklyn in the past few months that many have been wondering if it truly is the new Manhattan.
However, while there are several new neighborhoods like Brooklyn that have been popping up on the map, reports from 2013, show that Manhattan, the original beacon for luxury real estate in New York City is still hot. In fact, Manhattan is becoming more popular than ever in terms of luxury real estate. According to reports, during the last three months of 2013, there were more than 3,300 deals that were closed in the area. This is up 26.9 percent from 2012. These were not the only impressive numbers from the Manhattan real estate market either. Reports have also indicated that the average sale price in the area is up, rising from 5.3 percent to $1.538 million as the median.
As these sales continue to skyrocket, reports have also revealed what many already know about Manhattan; that inventory continues to be a problem. Homes continue to fly off the market quickly. In fact, reports from industry insiders reveal that the average two bedroom home from 6 million and higher are all selling extremely quickly. What this means is that luxury real estate continues to skyrocket in Manhattan, even though reports reveal that other neighborhoods are growing in popularity in the luxury market.
As Manhattan continues to grow and stay strong, there are several new developments that are surpassing the previous expectations of what luxury real estate entails. This includes buildings like One57 that has a $42 million duplex penthouse, which sold last year. For the luxury buyers that have been enticed by neighborhoods such as Brooklyn or others that have been growing within the luxury market, Manhattan has shown that it is still the hottest place to turn for ultra-luxurious and fabulous new homes in New York City.
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